Valentine's Day spending to hit record $14.2 bn in US: Survey

The most sought-after presents include candy (57 per cent), greeting cards (40 per cent), flowers (39 per cent), an evening out (32 per cent), jewellery (22 per cent), clothing (21 per cent), and gift cards (19 per cent). Record-breaking spending is expected in several areas: jewellery ($6.4 billion), flowers ($2.6 billion), clothing ($3 billion), and evenings out ($4.9 billion).

Over half of the consumers surveyed (53 per cent) are planning to celebrate Valentine's Day, closely matching last year's 52 per cent. The overall planned expenditure for the holiday is around $25.8 billion, equalling last year's figures and ranking as the third highest in the history of the survey. A notable 62 per cent of consumers aged 25-34 are preparing to celebrate, more than any other age group, the survey revealed.

On average, individuals are expected to spend about $185.81, which is nearly $8 higher than the average Valentine's Day spending over the past five years.

Last year, Valentine's Day saw consumers honouring various special relationships, from pets to friends and colleagues, which was reflected in their spending habits. This year there's a clear emphasis on gifting for significant others.

Online shopping remains the top choice for Valentine's Day gift purchases, with 40 per cent opting for this method, up from 35 per cent the previous year. Other popular shopping venues include department stores (33 per cent), discount stores (31 per cent), and florists (17 per cent).

Among those not celebrating Valentine's Day, 29 per cent still intend to commemorate the occasion in some manner. Some plan to indulge in self-treats, while others are arranging gatherings or nights out with single friends or family members.

The survey, which involved 8,329 adult consumers inquiring about their Valentine's Day shopping plans, was conducted between January 2 and 8.

ALCHEMPro News Desk (KD)